India to get access to details of Swiss citizens in tax frauds and evasion cases: Envoy

Amid the outcry over black money stashed away abroad, a top Swiss envoy today said India could get banking details of its citizens in tax frauds and evasion cases once the Swiss Parliament ratifies the revised Double Taxation Avoidance Agreement between the two nations.

The treaty was likely to be ratified by the end of this year, ambassador of Switzerland to India Philippe Welti told reporters here.

Once ratified, India could send in request for releasing data in cases related to tax frauds and tax evasion, he said.

His remarks come in the backdrop of growing calls from the opposition and the civil society in India to bring back black money parked in overseas banks.

Welti said in Switzerland while tax frauds were considered a criminal offence, tax evasion was not deemed as one and seen more as an administrative offence.

Swiss banking system continues to be strong, quality driven and law abiding and its banking secrecy laws were very stringent, he said during his visit to the Federation of Karnataka Chambers of Commerce and Industry.

Welti said there was growing bilateral trade ties between India and Switzerland with Swiss companies keen in investing in India and vice versa.

He said both countries were fit for global competiton and could leverage their inherent strengths.